1065-US: Allocating amounts to partners (FAQ)

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Question

How are amounts allocated to the partners?

Answer

UltraTax CS automatically allocates most amounts for federal partner forms, schedules, and worksheets using the profit sharing percentages. UltraTax CS automatically allocates most amounts for state partner forms, schedules, and worksheets as follows.

Notes

  • To mark the Default state partner special allocations to the corresponding federal special allocation field one time for all new clients, mark the Default state partner allocations to federal allocated amounts (Screen CltOptns) field in the Return Presentation tab in the New Client Options dialog. To open this dialog, choose Setup > 1065 Partnership, and click the New Client Options button.
  • For information on how to print a report detailing the state allocations that are defaulting to a federal amount and what allocation it defaults to, see Printing partner information reports for an open client's return.

Use the Ptr Alloc buttons in the 1065 input screens to allocate an amount to the partners using a method other than the default method being used.

Notes

  • You can click the applicable Ptr Alloc button for an item to view the amounts UltraTax CS automatically allocated to the partners.
  • To enter the profit sharing percentages, choose View > Partner Information, and click the Allocations button
  • See What items are automatically allocated using the loss sharing percentages (FAQ) for the list of items that default to the loss sharing percentages for Schedule K-1 and other partner forms and worksheets.
  • If there is a change of ownership during the tax year, UltraTax CS defaults to using the calculated prorated sharing percentages. To calculate the partners' distributive share amounts based on the sharing percentage for each ownership period, annualize the partnership's share of current year income, deductions, credits, and other items in View > Interim Closing Annualization.

Related topic: Allocating partnership items to partners FAQs (1065)

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